Norway Industry November 2016

Norway: Industrial production contraction eases in November

January 8, 2016

In November, industrial output fell 0.8% over the previous month in seasonally-adjusted terms, which was a more mild contraction than the 3.0% decrease tallied in October (previously reported: -2.6% month-on-month). November’s decrease reflected sharp declines in extraction-related services, which offset an increase in the manufacturing component.

On an annual basis, industrial production decreased 1.8% in working-day adjusted terms, which followed the 3.0% contraction tallied in October. Annual average growth in industrial production slowed in November, sliding from October’s 1.7% increase to a 1.2% rise.

Met the why particular Consensus Forecast panelists expect industrial production to increase 0.1% in 2016, which is unchanged over the previous month’s estimate. In 2017, the panel sees industrial production climbing 0.6%.

Author:Robert Hill, Economist

Sample Report

Looking for forecasts related to Industry in Norway? Download a sample report now.

In the fourth quarter of 2017, the economy shrank a seasonally-adjusted 0.3% from the previous quarter, below both market analysts’ expectations of a 0.6% quarter-on-quarter expansion and the third quarter’s revised growth of 0.8% (previously reported: +0.7% quarter-on-quarter).

According to Statistics Norway, industrial production rose by a seasonally-adjusted 0.6% from the previous month in November, contrasting October’s revised 1.3% decrease (previously reported: -1.4% month-on-month).
The expansion in the extraction and related services sector—the largest industrial sector in Norway—drove the increase.